Scripts are used by many traders to help them make decisions on what trades to take and where to enter and exit them. The public library contains 5,000+ custom built indicators and strategies, created by talented community developers with a desire to help others. They can be grouped into several types based on their internal logic or usage, such as volume, volatility, oscillators and moving averages. These indicators and strategies are coded in the Pine programming language
which allows users to create them from scratch.
Indicators are calculations that are displayed on the chart, based on price or volume, so they have an analytical function. Strategies do not only display calculations, they place, modify and cancel orders, so they have a trading function. Some scripts give clear buy and sell signals, others need to be interpreted based on a specific strategy. Most traders that apply indicators use several of different types that complement each other well. They look for a combination of signals based upon these indicators.